Continuing on with our series of “Why Buy Real Estate in Mudgee Now” blogs, today we’re talking about interest rates and how they can have an affect on a buyer’s decision to move forward with their purchase plans or wait.
Projections on what the Reserve Bank’s next move with rates seems to fluctuate with each month leading experts to indicate that we could be in line for a reduction to what are already relatively low retail rates.
If we sit back and reflect for a moment, we could all say that the best time to buy in Mudgee was 20 years ago! Unfortunately we don’t have time travel machines at our disposal, but what we don’t want is to be talking to the people of Mudgee in 20 years from now, saying the same thing. So why is the “next best” time now?
The current lending market is very competitive amongst major banks, and non bank lenders have re-emerged as competitive players in the market to see variable rates as low as *6.69% currently on offer.
With money available at reasonable rates and institutions battling for your business there is no better time to buy than now. Unfortunately every window of opportunity closes eventually, so when interest rates start to rise, chances are the ship is taking off from port, so get in now before the voyage is well and truly over!
* Rate quoted at 29 Aug 2011 for a $500,000, 25 year variable loan from loans.com.au as advertised on http://mozo.com.au/home-loans.